Saudi Fisheries net loss widens 52% in H1 2019

21/08/2019 Argaam Exclusive

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Saudi Fisheries Co. widened its net loss after zakat and tax by 52.4 percent year-on-year (YoY) to SAR 19.4 million in the first half of 2019, attributed to lower sales and lower profit margins due to maintenance works at several branches.

 

The loss also expanded on higher selling and distribution expenses, lower other income, higher cost of finance, and an increase in general and administrative (G&A) expenses.



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 12.10 9.78 (19.1 %)
Gross Income 3.35 2.62 (21.8 %)
Operating Income (13.00) (17.44) (34.2 %)
Net Income (12.76) (19.44) (52.4 %)
Average Shares 21.54 21.54 -
EPS (Riyals) (0.59) (0.90) (52.4 %)

The company’s losses expanded to SAR 10.2 million in Q2 2019 versus SAR 6.8 million a year earlier on higher selling and distribution expenses, higher cost of finance and higher G&A.

 

When compared to the previous quarter, Q2 net losses increased by 10.2 percent.



Current Quarter Comparison (M)

Compared With The
Item Q2 2018 Q2 2019 Change‬
Revenues 4.72 4.47 (5.3 %)
Gross Income 0.80 1.30 61.3 %
Operating Income (6.79) (8.66) (27.6 %)
Net Income (6.77) (10.19) (50.6 %)
Average Shares 21.54 21.54 -
EPS (Riyals) (0.31) (0.47) (50.6 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2010 25.75 (24.5 %) 5.32 (25.7 %) (5.51) (38.4 %) (0.35)
Q2 2010 30.35 (11.3 %) 4.74 (30.3 %) (6.48) (29.9 %) (0.41)
Q3 2010 20.19 (17.0 %) 3.13 24.7 % (7.76) (4.4 %) (0.49)
Q4 2010 21.60 (14.8 %) 4.53 19.3 % (7.15) 41.8 % (0.45)
Q1 2011 26.70 3.7 % 4.59 (13.6 %) (4.59) 16.6 % (0.29)
Q2 2011 27.59 (9.1 %) 4.87 2.8 % (4.95) 23.6 % (0.31)
Q3 2011 15.53 (23.1 %) 3.36 7.6 % (12.21) (57.4 %) (0.77)
Q4 2011 16.71 (22.6 %) (15.15) (434.7 %) (24.32) (240.3 %) (1.13)
Q1 2012 18.45 (30.9 %) 1.03 (77.5 %) (7.77) (69.2 %) (0.36)
Q2 2012 19.50 (29.3 %) 0.81 (83.3 %) (7.90) (59.6 %) (0.37)
Q3 2012 14.03 (9.7 %) (0.48) (114.2 %) (10.06) 17.6 % (0.47)
Q4 2012 18.37 10.0 % (1.25) 91.7 % (14.17) 41.7 % (0.66)
Q1 2013 21.00 13.9 % 4.07 294.1 % (8.73) (12.4 %) (0.41)
Q2 2013 18.47 (5.3 %) (4.00) (592.8 %) (14.04) (77.7 %) (0.65)
Q3 2013 17.62 25.6 % (2.35) (392.5 %) (9.79) 2.7 % (0.45)
Q4 2013 20.45 11.3 % 2.64 310.9 % (16.42) (15.9 %) (0.76)
Q1 2014 22.74 8.3 % (0.01) (100.2 %) (10.32) (18.2 %) (0.48)
Q2 2014 18.43 (0.2 %) (4.11) (2.9 %) (13.77) 1.9 % (0.64)
Q3 2014 17.31 (1.7 %) 0.95 140.2 % (10.62) (8.5 %) (0.49)
Q4 2014 21.43 4.8 % 0.37 (86.1 %) (11.72) 28.6 % (0.54)
Q1 2015 24.43 7.5 % 0.32 4075.0 % (10.99) (6.5 %) (0.51)
Q2 2015 21.00 13.9 % 0.78 118.9 % (9.82) 28.7 % (0.46)
Q3 2015 18.69 7.9 % (6.53) (789.7 %) (16.88) (58.9 %) (0.78)
Q4 2015 19.26 (10.1 %) (2.08) (667.6 %) (13.56) (15.7 %) (0.63)
Q1 2016 19.48 (20.3 %) 0.34 6.0 % (10.22) 7.0 % (0.47)
Q2 2016 16.88 (19.6 %) 0.68 (12.5 %) (9.66) 1.6 % (0.45)
Q3 2016 12.73 (31.9 %) (0.15) 97.7 % (9.89) 41.4 % (0.46)
Q4 2016 11.17 (42.0 %) (2.21) (6.1 %) (12.32) 9.2 % (0.57)
Q1 2017 10.97 (43.7 %) 0.04 (88.1 %) (9.23) 9.8 % (0.43)
Q2 2017 7.74 (54.2 %) (0.75) (209.2 %) (9.28) 3.9 % (0.43)
Q3 2017 7.69 (39.6 %) (0.68) (350.7 %) (7.99) 19.2 % (0.37)
Q4 2017 9.16 (18.0 %) (1.00) 54.9 % (14.35) (16.5 %) (0.67)
Q1 2018 7.37 (32.8 %) (0.17) (527.5 %) (5.99) 35.1 % (0.28)
Q2 2018 4.72 (38.9 %) 0.80 207.8 % (6.77) 27.0 % (0.31)
Q3 2018 3.76 (51.1 %) 0.84 223.7 % (8.73) (9.2 %) (0.41)
Q4 2018 5.57 (39.2 %) 1.97 297.9 % (15.77) (9.8 %) (0.73)
Q1 2019 5.31 (28.0 %) 0.78 557.9 % (9.25) (54.3 %) (0.43)
Q2 2019 4.47 (5.3 %) 1.30 61.3 % (10.19) (50.6 %) (0.47)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 16.79 % (13.10 %) (27.54 %)
Q2 2010 15.46 % (13.23 %) (29.96 %)
Q3 2010 16.70 % (12.36 %) (31.50 %)
Q4 2010 18.09 % (11.72 %) (27.47 %)
Q1 2011 17.18 % (11.38 %) (26.28 %)
Q2 2011 17.81 % (12.81 %) (25.44 %)
Q3 2011 18.98 % (12.43 %) (25.15 %)
Q4 2011 (2.69 %) (35.88 %) (46.41 %)
Q1 2012 (7.52 %) (43.37 %) (55.36 %)
Q2 2012 (14.17 %) (54.57 %) (65.95 %)
Q3 2012 (20.07 %) (61.27 %) (72.86 %)
Q4 2012 0.16 % (35.78 %) (56.71 %)
Q1 2013 4.32 % (35.96 %) (56.04 %)
Q2 2013 (2.31 %) (38.97 %) (65.38 %)
Q3 2013 (4.68 %) (35.95 %) (61.92 %)
Q4 2013 0.47 % (42.73 %) (63.17 %)
Q1 2014 (4.69 %) (41.36 %) (63.79 %)
Q2 2014 (4.84 %) (43.80 %) (63.49 %)
Q3 2014 (0.67 %) (43.80 %) (64.78 %)
Q4 2014 (3.51 %) (40.45 %) (58.11 %)
Q1 2015 (3.04 %) (40.58 %) (57.73 %)
Q2 2015 2.86 % (33.65 %) (51.27 %)
Q3 2015 (5.92 %) (40.68 %) (57.76 %)
Q4 2015 (9.01 %) (41.39 %) (61.46 %)
Q1 2016 (9.55 %) (43.18 %) (64.36 %)
Q2 2016 (10.21 %) (45.79 %) (67.72 %)
Q3 2016 (1.78 %) (41.15 %) (63.40 %)
Q4 2016 (2.23 %) (45.46 %) (69.85 %)
Q1 2017 (3.17 %) (51.49 %) (79.40 %)
Q2 2017 (7.20 %) (62.73 %) (95.56 %)
Q3 2017 (9.56 %) (68.06 %) (103.33 %)
Q4 2017 (6.69 %) (69.12 %) (101.11 %)
Q1 2018 (8.10 %) (73.17 %) (102.36 %)
Q2 2018 (3.60 %) (77.72 %) (104.34 %)
Q3 2018 1.88 % (85.41 %) (123.67 %)
Q4 2018 16.06 % (112.95 %) (173.91 %)
Q1 2019 22.70 % (134.87 %) (209.26 %)
Q2 2019 25.58 % (141.58 %) (229.92 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2010 15.95 (1.89) (1.89) 8.16
Q2 2010 15.95 (1.99) (1.99) 7.76
Q3 2010 15.95 (2.01) (2.01) 7.27
Q4 2010 15.95 (1.69) (1.69) 6.82
Q1 2011 15.95 (1.63) (1.63) 6.53
Q2 2011 15.95 (1.53) (1.53) 6.22
Q3 2011 15.95 (1.81) (1.44) 5.46
Q4 2011 21.54 (2.14) (1.86) 18.13
Q1 2012 21.54 (2.29) (2.01) 17.77
Q2 2012 21.54 (2.42) (2.15) 17.75
Q3 2012 21.54 (2.32) (2.32) 17.29
Q4 2012 21.54 (1.85) (1.85) 16.28
Q1 2013 21.54 (1.90) (1.90) 15.87
Q2 2013 21.54 (2.18) (2.18) 15.22
Q3 2013 21.54 (2.17) (2.17) 14.76
Q4 2013 21.54 (2.27) (2.27) 14.00
Q1 2014 21.54 (2.35) (2.35) 13.52
Q2 2014 21.54 (2.34) (2.34) 12.88
Q3 2014 21.54 (2.37) (2.37) 12.39
Q4 2014 21.54 (2.16) (2.16) 11.85
Q1 2015 21.54 (2.19) (2.19) 11.34
Q2 2015 21.54 (2.00) (2.00) 10.88
Q3 2015 21.54 (2.29) (2.29) 10.10
Q4 2015 21.54 (2.38) (2.38) 9.47
Q1 2016 21.54 (2.34) (2.34) 8.99
Q2 2016 21.54 (2.34) (2.34) 8.54
Q3 2016 21.54 (2.01) (2.01) 8.09
Q4 2016 21.54 (1.95) (1.95) 7.42
Q1 2017 21.54 (1.91) (1.91) 7.00
Q2 2017 21.54 (1.89) (1.89) 6.57
Q3 2017 21.54 (1.80) (1.80) 6.19
Q4 2017 21.54 (1.90) (1.67) 5.69
Q1 2018 21.54 (1.75) (1.52) 5.41
Q2 2018 21.54 (1.63) (1.40) 5.09
Q3 2018 21.54 (1.66) (1.44) 4.69
Q4 2018 21.54 (1.73) (1.73) 3.98
Q1 2019 21.54 (1.88) (1.88) 3.52
Q2 2019 21.54 (2.04) (2.04) 3.04

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 NEG NEG 20.34
Q2 2010 NEG NEG 18.10
Q3 2010 NEG NEG 17.54
Q4 2010 NEG NEG 24.22
Q1 2011 NEG NEG 23.07
Q2 2011 NEG NEG 24.03
Q3 2011 NEG NEG 46.75
Q4 2011 NEG NEG 8.94
Q1 2012 NEG NEG 10.08
Q2 2012 NEG NEG 7.10
Q3 2012 NEG NEG 8.04
Q4 2012 NEG NEG 8.65
Q1 2013 NEG NEG 9.05
Q2 2013 NEG NEG 9.44
Q3 2013 NEG NEG 9.29
Q4 2013 NEG NEG 10.19
Q1 2014 NEG NEG 11.13
Q2 2014 NEG NEG 13.82
Q3 2014 NEG NEG 15.24
Q4 2014 NEG NEG 10.76
Q1 2015 NEG NEG 10.89
Q2 2015 NEG NEG 9.14
Q3 2015 NEG NEG 7.77
Q4 2015 NEG NEG 7.90
Q1 2016 NEG NEG 6.55
Q2 2016 NEG NEG 7.07
Q3 2016 NEG NEG 5.60
Q4 2016 NEG NEG 8.68
Q1 2017 NEG NEG 7.39
Q2 2017 NEG NEG 6.71
Q3 2017 NEG NEG 8.68
Q4 2017 NEG NEG 9.11
Q1 2018 NEG NEG 9.43
Q2 2018 NEG NEG 8.91
Q3 2018 NEG NEG 6.34
Q4 2018 NEG NEG 17.15
Q1 2019 NEG NEG 15.94
Q2 2019 NEG NEG 15.61

Business Segments (Million)

Compared With The
Period Fishes Shrimp Shrimp Farm Others..
Q1 2010 15.49 6.94 - 3.32
Q2 2010 15.41 11.49 - 3.45
Q3 2010 11.46 6.34 - 2.39
Q4 2010 13.34 5.02 - 3.24
Q1 2011 14.94 9.22 - 2.53
Q2 2011 14.14 10.53 - 2.92
Q3 2011 10.85 3.09 - 1.60
Q4 2011 13.37 1.61 - 1.73
Q1 2012 13.84 2.85 - 1.75
Q2 2012 15.04 0.55 - 3.91
Q3 2012 10.60 4.44 - -
Q4 2012 14.04 2.60 - 1.74
Q1 2013 14.87 1.75 - 4.38
Q2 2013 13.38 6.17 - -
Q3 2013 11.56 4.87 - 1.19
Q4 2013 14.64 1.52 2.49 1.80
Q1 2014 15.94 5.04 - 1.75
Q2 2014 14.68 2.09 - 1.66
Q3 2014 13.78 2.05 - 1.49
Q4 2014 14.87 4.85 - 1.71
Q1 2015 16.78 1.84 4.21 1.60
Q2 2015 14.94 4.60 - 1.46
Q3 2015 13.99 3.31 - 1.38
Q4 2015 13.31 4.33 - 1.62
Q1 2016 12.28 2.41 3.27 1.53
Q2 2016 10.14 8.76 (3.27) 1.25
Q3 2016 8.37 2.99 - 1.36
Q4 2016 8.12 2.02 - 1.03
Q1 2017 7.89 2.15 - 0.92
Q2 2017 5.63 1.30 - 0.81
Q3 2017 5.55 1.41 - 0.73
Q4 2017 6.79 1.34 - 1.03
Q1 2018 5.64 0.96 - 0.77
Q2 2018 3.56 0.64 - 0.53
Q3 2018 2.90 0.47 - 0.39
Q4 2018 4.20 0.70 - 0.67
Q1 2019 4.13 0.63 - 0.55
Q2 2019 3.67 0.66 - 0.14

Current
Market Cap (M Riyal) 924.80
Enterprise Value (EV) (M) 968.93
Shares Outstanding ((M)) 40.00
EPS ( Riyal) (TTM) (2.85)
Book Value (BV) ( Riyal) 3.40
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 6.81
Return on Average Assets (%) (TTM) (39.71 )
Return on Average Equity (%) (TTM) (61.37 )

Share Price

23.12
(0.68) (2.86 %)

Saudi Fisheries Co. (SFICO)


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